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be aboutthe economy and working americans, 98% pass the bill. they have the assurance that they will not be subjected to an increase in taxes january 1. this will give them confidence and it will add immeasurably to the confidence of our economy and that is why we ought to do it. it is not a question of a tactical advantage. it is a question of whether working americans will have the assurance that they will still have the resources to anticipate growing the economy. >> every movement has to have an answer. why can we come together as the american people want us to? i think that we continue to focus on the middle class. we continue to defend and stand for the middle class moving towards what we have in the fall right now with the mohsen -- the motion to discharge. but as the legislation that has already passed the u.s. senate. we should move on that and then we have other things to deal with this year. to send a message to the american people, it is time to move forward and get down to doing the business of the people of this country. >> i don't think the issue of disp
because the underlying fundamentals in the u.s. economy are clearly improving, and you also have a stabilization or soft landing happening in china at the same time. >> david kelly, what do you want to be doing here? what's your strategy for the fiscal cliff? do you think we go over it, and what do you want to do? >> for a long-term investor, you don't try and play this one. i agree with stephanie about the market probably going higher once they get a resolution. they will get a resolution. it's possible it could go into early january. i still think they're more likely to get a resolution done before the end of the year. either way, they'll get a resolution done. when that happens, then we'll resort to looking at the u.s. economy, which is strengthening a bit here. also, the extreme and relative valuations between high-quality fixed income and equities will push money towards equities. i would not run for cover here because of the volatility. i think you just have to, you know, hold your ground through this and hope that the market moves higher next year. >> bob, this activity at
the economy has to be good and she has to decide that it the national mood is going to be such in 2016 that the country is going to want to stick with a democrat. >> michael tomasky, good to have you with us. that "the ed show." and tomorrow night nancy pelosi will join me to talk about the fiscal cliff. "the rachel maddow show" starts right now. >> good evening, ed. thank you. thanks to you at home for staying with us. if you get a tweet from president obama, you will know it by his signature. the president has an official twitter account from which all sorts of on message things get tweeted. but the white house says you know when a tweet has been written by the president himself because in that case the tweet gets a little initial signature. a "bo" in lower case. barack obama, as in i the president wrote this tweet. if it was a dog, it would be the paw print. the president was writing his own tweet this is afternoon. the string of twitter messages about the budget negotiations in washington. the white house announcing in advance today that the president himself wou
and the demand for oil -- actually, and the demand for oil continues to decline based on fuel economy standards and other reasons. and yet, with this revolution we still continue to have a problem. and i think the report that we're releasing today, the national strategy for energy security and its subtitle really says it all -- harnessing american resources innovation. and the first point is, how do we leverage this abundance we have in the united states to our maximum benefit? at a time when washington is talking about our fiscal crisis i'd say that the relationship of our oil needs to this crisis itself are close. it might not solve our fiscal crisis but clearly it's a necessary ingredient. every recession in the history of the united states in moden times has been preceded by or happening concurrent with an oil price spike. if we don't have continued growth we can cut all we want and raise revenue all we want, but we'll never find a way to solve our fiscal troubles. and i think this report really looks at how do we leverage this great abundance, this great blessing in the united states, both
and we had some growth in the economy, i don't think they would object to going back to the tax rates. >> with no breakthrough today, fiscal cliff negotiations, could this be a starting point? "outfront" republican congressman james lankford of oklahoma, incoming chairman of the republican policy committee, the fifth ranking position in the house gop leadership. appreciate you're taking the time. what about this idea of racinin taxes on everyone? the math works much better. >> i heard your lead in when you said this is a new idea. actually, it's not a new idea, there are several democrats who have floated that for a while. the code word is we want to go back to the clinton tax rates and talk about the clinton economy that we had a much more vigorous economy and growth and we should go back to the clinton tax rates. what that really means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. i don't support that. i don't think that's a great idea. it would slow down the economy. >> when you look at economist's evaluations, it would slouw
it to some of the other developed economies, you can see how well australia is holding up. we've seen growth of just 2.5% in the u.s., 1.5% in canada and zero growth in the uk. locally, cutbacks in government spending weighed on the numbers and lower commodity prices also impacted on cash flow and the government is facing more criticism about its effort to keep the budget in surplus while the economy grows. >> the government has had the objective of making sure that we would bring our budget back to surplus when growth has been around trend. what we've been seeking to do through good budget policy has been to provide maximum flexibility to the reserve bank to a just rate so. the government will always put in place appropriate budget settings which will support growth and jobs. >> still, analysts say growth could slow further as the mining investment boom peaks. yesterday, the bank of australia cut interest rates to a record low of 3% and traders are looking further easing next year to offset the falling talks of trade, the high australian daughter and further cutbacks in government spending.
over the last four years, there is progress in some key sectors of our economy. we've seen housing finally begin to bounce back for the first time, and that obviously has an enormous ripple affect throughout the economy. consumer confidence is as high as it's been. many of you over the last two, three years have experienced record profits or near record profits and have a lot of money where you're prepared to invest in plants, and equipment, and hire folks. obviously globally the economy is still soft. europe is going to be in the doldrums for quite some time. asia is not charging forward and some of the emerging markets are not charging forward as quickly as they were maybe a few years ago. but i think what all of you recognize and many of you have told me is that everybody is looking to america, because they understand that if we're able to put forward a long-term agenda for growth and prosperity that is broad based here in the united states, that confidence will not just increase here in the united states, it will increase globe balance leave. globally and i think we can get the
is going to take a more, i would say rational approach to how to deal with their own economy and how they deal with their own people, and how they deal internationally. and so i think generally there's been a feeling that there might be some hope there. however, now we are approaching, once again, a potential violation of a u.n. security council resolution, and we encourage the leadership in north korea to consider what they are doing here and implications in the overall security environment on the korean peninsula, as well as destination. >> anything new? we been hearing some rumblings for some time that there might be some activity on that front. anything new that you can provide in terms of insights into launches or things like that? >> well, i think you're tracking a pretty well. i think from the media today there are indications declared indications of their intention to do what they would call a peaceful satellite launch. and we believe it is in contradictory to the u.n. security council resolutions, that because of the nature of the type of missile they will be firing and the
economy would take off and our country would be so much better off. >> chris, you understand the politics of the house from both sides. can john boehner cut a deal without eric cantor and paul ryan? >> i have a pretty good understanding of the house, but i always am a little afraid of wandering into house republican leadership politics. just to broaden the question a little bit -- i think the question is whether or not the speaker is going to be able to bring a good part of his caucus with him. that or require a united leadership team. >> i am talking short-term -- the next two or three weeks. >> i think that is going to be a requirement. i think one of the decisions the speaker will have to make is whether he is prepared to put a agreement on the floor of the house that might not have a majority of the republicans in the house in support. that is one of the questions. senator corker points out that there are a number of ways you can get to a yes on this, but it is not clear if there is a way to get to yes that necessarily brings a majority of house republicans. not that we cannot get a m
the economy is pretty well positioned potentially in 2013 if we can put this behind us. so i think a lot of what's going on is what you would expect to see in this negotiation, very public negotiation, which is not the best way to do it. i think at some point, the president and the speaker are going to get in a room and have some very serious dialogue as this gets closer. my view is that both the administration and the republicans would prefer to put a deal together, and the outlines of that are on the table. >> you talk about the cliff or the abyss? we need to separate the two. it would be nice to have like a bridge to that $4 trillion deal that includes entitlement, tax reform. in fact, i don't know why the president isn't talking about that more with the simpson-bowles. >> the president did say that he doesn't think there's anything we can get done. >> as a bridge to that. always talking about the high end. >> actually, joe, i think the administration wants to see a deal come together here. >> for what, the fiscal cliff or the fiscal abyss? >> for both. >> for both. >> so that a down
: without affordable energy we have no economy and that is for sure bad for my children. we have no jobs. we have no industry. >> why is the fastest growing new source of energy in this country wind energy or distributed solar. melissa: because it is completely supported by the government and by my tax dollars. >> not even close to as much as --. melissa: absolutely no money to spend on these things you know what -- >> actually big oil, gas and coal are actually much more heavily subsidized. melissa: you and disagree what is subsidy is. that is fine for debate for another time. we agree to disagree. do you know crayons, made from petroleum. >> right. maybe that is essential use in your view. we don't need to drive our cars with petroleum. we can use --. melissa: we do, because i don't want to pay $59 a gallon for biofuel. >> we need to use government and our taxpayer dollars wisely. melissa: i do too. >> make sure we use technology that actually doesn't exacerbate climate change and actually --. melissa: electricity comes from coal and nuclear? you like coal and nuclear. >> also comes from s
economy. >> they could play havoc with the world economy. i think you would see a wave of terror across the region, potentially even here at home. i don't think, just for your personal, as per personal opinion, i don't think they would try to block the persian gulf because that would cut their own throats, but i would not be surprised to see them attack the oil facilities of other countries on the periphery of the gulf. and to do other things that would drive the price of oil through the roof but i think -- and i think you would see them behave in a very different way in both iraq and afghanistan. >> rose: based on everything you know, do you believe that they will respond to the economic embargo, the economic sanctions if we turn that screw as hard as we possibly can? >> i don't think the government will, if there is one thing that the iranians, saddam hussein, the north koreans and bashar al-assad all have in common is they don't care how many other people get killed. >> rose: even their own people? >> it is what happens to them that matters. so the question is, do those, can the sanc
this one, and that's good for the american economy. >> republicans believe the reason the president is going light on spending cuts while demanding the budget deal include another increase in the nation's debt ceiling is clear. >> this is not about getting a handle on deficits or debt for him. it's about spending even more than he has. >> white house aids reject the republican claims that holding the debt limit over the president's head is the only mechanism to get him to trim spending. >> you're just going to keep at the debt limit goes higher, you spend more money. you and congress, both. >> that's false. president signed into law a trillion dollars in discretionary cuts. the president has a specific proposal to achieve $600 billion in savings from entitlement programs like health care entitlement programs. >> jay compared republican pressure on the debt ceiling to a hostage taking. >> a profoundly bad idea that i think could not be more frightening for american businesses, and american workers. >> treasury secretary tim geithner may have frightened people yesterday saying the whi
office, bowles has a good reason for saying what he did. the economy would go into a recession, economic output would drop and unemployment rate would go back up to 9.1% by the end of next year. now, the clock is ticking. john and harry, get out of the sand box. 33 days are left. peter difazio of oregon is "outfront" tonight. let me just get a response from you about timothy geithner's plan that he put on the table. 1.6 trillion in revenue. $400 billion in cuts. i'm a little confused because the president said he will give $2.50 in spending cuts for every dollar in revenue. this is, this is the opposite. >> well, finally, the white house has learned not to negotiate with itself, but with the opposition, which is the republicans. remember, there is no real cliff. on january 1st, the only thing that goes away is the social security tax holiday and nobody is seriously talking about continuing that. all the other tax increases don't take place until sometime around march. gives congress plenty of time to rekrit them, but that's $4 trillion of additional revenues. so okay, we're going to cut
has been provided by: moving our economy for 160 years. bnsf, the engine that connects us. >> and by the bill and melinda gates foundation. dedicated to the idea that all people deserve the chance to live a healthy, productive life. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> ifill: neither side showed signs of budging today as the nation edged closer toward a so- called fiscal cliff that could raise taxes by year's end. we begin with a report from newshour congressional correspondent kwame holman. >> we're going to have to see the rates on the top two percent go up. we're not going to be able to get a deal without it. >> reporter: in his first interview since the election, president obama rejected a proposal from house speaker john boehner. he spoke on bloomberg television. >> unfortunately the speaker's proposal right now is still out of balance. i'm happy to entertain other ideas that the
of popping off of the fha. if you look at where we stand right now, as an economy, we have a very modest recovery. it is most likely going to happen. connell: the significance of it is, in your mind, what? >> what needs to happen is we need to take note that we are subsidizing the fha again. while the fha is great for lower income borrowers, we are still allowing people to buy properties where they want after they post on the property, they are upside down on our property. that is where we need to be cautious. connell: we talk about it all the time, the housing numbers that are showing improvement. if people are only putting down, you know, the 3.5%, are we getting ourselves into a similar hole to the ones we are trying to dig ourseeves out of? >> unfortunately, we may have. the loans that the fha have increased in the past ten years, has increased tenfold. when you look at that type of fan increase in the increased exposure for the fha, there are years were barely fha loans were written. today it is a very big percentage of the market. we need to prophet fha up short term and then refor
's credibility, and it's important for america's economy and economic growth. that plan has to be balanced and that means significant revenues, and it has to go around. typically that means the wealthy and well off have to pay their fair share as well. again, these are not new issues. they are ones that were debated. they came up in every debate. even foreign policy debate. and so we think that the american people are on the side of the president and democrats. that is not to say -- [inaudible] we want to remind everyone that there's already been a trillion dollars, over a trillion dollars in spending cuts. and so that is a significant part of this debate, because it happened last year. but just because washington has a short memory doesn't mean we all should have one. and that there's already been sacrifice on behalf of through those discretionary cuts. we are particularly excited doing a lot of work on the fiscal cliff. we talked about medical savings through the programs, address rising national expenditure. will have more to say on taxes, but we are ecstatic to have senator durbin here
a trillion dollars next year, there is more and more money on the sidelines in this economy. which means there are even more jobs that won't get created. that means economic growth will even decrease more. so, the president's got to wake up an realize he owns this economy. it is not in his political benefit to do this brinkmanship. jon: debbie, my understanding that the most to everybody agrees that the big drivers of government spending are entitlement programs like social security and medicare and medicaid. why not talk about reducing the expenditures there somehow? >> i want to say several things. one of the things got to do stop taking cheap shots. the secretary of treasury is one of the most serious people in this government. has the trust of the president and that is who the president is sending in here. let's stop taking these cheap shots. that is the kind of stuff we have to stop doing. you are right, this uncertainty is hurting the economy and putting money on the sideline, why we have to solve it. we need to walk into a room and put everything on the table. social security and
. the head of state television. it is possible that made a difference. also throw into the mix the economy there. the economy in egypt is suffering terribly. today alone the stock market is down another 4.6%. the egyptian currency is at an eight-year low. those factors may be contributing to why at least now the egyptian president has decided to speak out. we will have to wait and see if there is any compromise in the works. >> we shall see. david lee miller live in our newsroom. i can tell you what happened so far in this speech. the egyptian president said among other things that the will of the people cannot be expressed boo i angry crowds in the street. but in fact the polls indicate and the word from the people is that's exactly what is happening. the egyptian president mohamed morsi from the muslim brotherhood is speaking live on egyptian television. should anything of significance come out of it we will bring it to you. >>> the software tycoon wanted in the murder of a neighbor has asked for asylum, but instead he is in jail. it has not stopped him from blogging about his adventures
that this is a self-inflicted wound on our economy, you're exactly right, our current policy. we're educating brilliant students and then compelling them to go to work in shanghai or singapore rather than san antonio or the silicon valley. meanwhile, we're handing out tens of thousands of diversity visas to immigrants chosen by a random lottery, without regard to any qualifications they might when it comes to job creation and entrepreneurship. it makes absolutely no sense. i believe we need an immigration policy that serves our national interest. and if there's one thing that we need more than anything else now is we need job creators and entrepreneurs in the united states. and we know in the -- in the global economy, it's people with the special skills in science, technology, engineering and mathematics are the ones that are going to help us create jobs and grow the economy. not just for these individuals, but for the people that are hired by the start-up businesses that they will create. the stem jobs act would mitigate the problem with the diversity lottery visa which, again, does not dist
market, and by being perceived as generally sort of willing to play chicken with the economy doesn't sound like a brilliant political move to me. jon: you think that's all talk? >> i think it's a game of chicken, i really do. i think that the republicans would probably get a lot of blame in the beginning, and that's maybe what they are thinking of and they are trying to scare the republicans, but over the long term there is just no way this administration wants to go overt fisca over the fiscal cliff. whether they are willing to turn the wheel last it's possible, but the idea that they are vying with the idea strikes me as preposterous. jon: you write that the news media is essentially biased against republicans and any conservative idea that wins here is not going to gain a lot of favor, so is it a case in which republicans are sort ever dammed if they do, and dammed if they don't? >> that's sort of been the theme of the last four years is that republicans basically can't win. part of what i proposed in that column was basically the shouldl back position of basically adopting or p
and is fair. that would be good for businesses, for our economy, for future generations, and i believe both parties can and will work together in the coming weeks to get that done. we know how that gets done. we're going to have to raise a little more revenue. we have to cut spending we don't need. and if we combine those two things, we can create a path where america's paying its bills while still being able to make investments in the things we need to grow like education and infrastructure. we know how to do that but in washington nothing's easy so there's going to be prolonged negotiations and all of us are going to have to get out of our comfort zones to make that happen. i'm willing to do that. i'm hopeful that enough members of congress in both parties are willing to do that, as well. we can solve these problems, but where the clock is really ticking right now is on middle class taxes. at the end of the year, middle class taxes currently in place are set to expire, middle class tax cuts surge in place are set to expire. there are two things that can happen. if conditioning does nothin
economy and a fiscal mess. >> our people in an overwhelming way supported the reelection of this president, and there ought to be a quid pro quo and you ought to exercise leadership on that. >> you want the answer to solving the fiscal cliff? we put an offer on the table. the president now has to engage. >> you might even say he'll inherit these problems. >> the president is going away for christmas. he's going to hawaii for 20 something days. where am i going to be? where are my neighbors going to be? we're not going to have a place called home. where is the help? >> what's holding us back right now is a lot of stuff that's going on in this town. >> after the election of jimmy carter, he went to washington, d.c. and came back home with some bacon. >> that's right. >> that's what you do. >> the fact is this president basically i don't think wants to work with congress. >> we do not have a taxation problem. we've got a wildly out of control spending problem. >> i'll be here, and i'll be available any moment. >> we believe that despite obvious resistance to what has to be the framework of a
's not a threat. she said, listen, these are the facts. >> nice little economy you have there. nice little economy you have there. it would be a shame it if anything happened to it. that's not a threat. look, we have to start looking at what happens if we do, in fact, go over the so-called cliff, and what happens is, you know, one thing is we take a huge bite out of the deficit. we do it in a crude may, and there would be immediate attempts to fix it and fine-tune it and take some back. some would probably get through. if you actually want to look at it from a policy standpoint, it may not be the worst possible option to just go over the cliff and then put back in the tax cuts and the spending increases or renewals that you'd like to put back in. so, you know, worst things could happen. >> well, listen, alan simpson and i go back to his sound from the "today" show, eugene. he said anyone talking about it in that way, there's stupidity involved. he didn't say, eugene, you better not because you're my buddy, but the reality is even our first read team says this notion or all of this media hype about
raise these taxes, it will not hurt the economy. [talking over each other] stuart: bill clinton raised taxes and the economy took off. >> there are a lot of things that influence the economy. not just taxes. there are other things. there is no monetary policy, which was great under bill clinton. do not forget that bill clinton did welfare reform. one of the most historic acts over the last 50 years. do not forget that we caught government spending within those years. the problem with obama's proposals is he wants more. this idea that raising tax rates does not hurt the economy because, you can go ahead and spoke three packs of cigarettes a day for the rest of your life because i know somebody who did that and he did not get cancer. stuart: okay. that was very good. [ laughter ] now, i know why you have not been on the show very often. i am at a loss for words when you are done. stephen moore, i do hope you come back and see us soon. >> thank you, sir. stuart: here is an example of what i call tax hypocrisy. costco founder going to save because of the dividend payment this year. not nex
. that would be good for stimulating the economy. but the big thing is hit there needs to be a balanced plan. we need more revenue and we need less spending at the federal level. what is good for california is not good for virginia and what's good for virginia is not good for maryland. maybe we need to focus on reducing the federal government overview. been there would not be as much spending or taxes needed. then let the states deal with the taxes they need to take care of their citizens. host: robert, milwaukee, democratic caller. caller: i would like to say that the republican party, not all of them, i think it's just the tea party, they are destroying the republican party. when i saw senator dole in his wheelchair yesterday and military disabled individuals throughout the world, when they did not pass the ada treaty, which was signed in 1990 by president george h. w. bush and then it continued on with president bush and clinton and everyone else thereafter, when they did that, now i understand they are just not the party that any of us would want to be involved with. that's all i have to
's going to have an impact on the economy? >> of course it is. it is-- well it's not the same as extending the bush tax cuts. it's part of the fiscal cliff, because just like all of these other things, stuart, people are trying to move income out of 2013, into 2012, which makes this year look a little bit better than it should, but what it means is that when we hit january 1st, 2013, the economy's going to collapse as far as i can tell. stuart: whoa, whoa, collapse is a strong word, art. >> collapse as low as we are, i agree. stuart: now, the obamacare tax change is a change in the tax rate. >> yes. stuart: that's something that the president's absolutely insisting on. he wants tax rates to go up for the top two income brackets and that's being forced by the republicans. they don't want the rate to go up. they'll pay more in overall revenue, but don't want the rate to go up. your comments please on the president's stand-fast position on raising tax rates? >> well, rates are where the real action is, i mean, if you broaden the base and lowered rates, tax revenues on the rich went up. you'd
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. >> the concern people have is the world economy is in a very fragile state right now. i don't have to say what the problems of the eurozone have, they're very manifest. but the global economy as a whole, there's a lack of confidence, a worry about where it's going. so if you in america, and people have a lot of confidence in america in this regard, if you can sort out this issue, then even though that doesn't sort out all the problems of the american or global economy, it would be a big boost and give people a sense of confidence that there was -- you guys have got your act together. the decisions were being taken, and i think it will be good for you and good for us. so i hope you do it. i believe you will. i know right now there's bound to be tough negotiations. the president has been re-elected and i think that gives the situation its own special momentum. i hope you resolve it and then we're going to have to take some tough decisions over our way, too. >> very quickly. there was a cute video of hillary clinton here in washington over the weekend, and it had a clip from you in there. i'll pl
we can continue to develop policies to grow our economy through international trade and hopefully help advance the rule of law around the world. this is a good package that deserves our strong support. i urge -- i urge all of my colleagues to join in supporting this bill. i believe that we have got to do more in the international trade world. earlier, due to the efforts of the distinguished chairman, senator baucus and his staff and my staff, we were able to get the korean, colombian and panamanian treaties through. these were steps in the right direction after all these years. to have this happen is going to be a wonderful thing i think for our country and really for russia itself, and it certainly is going to help us go down the line in doing what's best for our own trade. one of the other special things that's in this is it's going to cause russia to have to live up to some international trade and international intellectual property laws, international laws, and we in this country believe in obeying those laws, and i have to say russia, india and china have invaded intellectual
economy. the benefit is that each year companies issue benefits for holding the stock and many companies including the most popular will do this and many more, before year's enbecause the dividend tax rate will go from 50 percent and possibly close to triple. so, it makes senator. next year we will have companies that have to pay dividends and pay them to individuals who are taxed at a high are rate. this does not solve a permanent role but a one time give to a shareholder at the end of the years pay less now opposed to more later and when we get to next year we are in an economy that is in a higher tax environment, companies will grow less well if that environment, association whatever cash they have, and they have available to pay out, will be taxed at a high are rate. >>neil: what do you make of the argument we had much higher dividend tax rates in the reagan administration, a good part of the clinton administration, and we did fine. >>guest: it was great to be a world monopoly. a wonderful thing to have the expire world recovering from world war ii but that is not where we are. highe
will have a fundamentally adverse impact on the global economy spent it's doing it now with china and japan. that's interesting, as you've got two of the biggest economies in the world in a nightmare situation that raises a fundamental question, and it's of ending this myth that economics draws people closer together. part of the title today is "mischief or miscalculation?." during the cold war, what was interesting is you can have 17 different spheres of contact with the soviets and if two and if to implement you it's about 15 others. there was a lot of heavy investment figuring out how to communicate and how to coordinate, how to deal with escalation, how do you talk about that. and in this era, when i look at the amount of time, particularly in the obama administration, even more so than the george w. bush of administration, you look at senior officials who go to asia, throughout the region, and also the discussion and attempt to courtney with china. there seems to be a lot of that to try to coordinate. but again coming back to jim steinberg was the fourth member of this panel would happ
when, as we all recall, our economy was thriving. under the senate-passed plan, a family earning $255,000 a year would pay an extra 150 bucks in taxes. in opposing the middle-class tax cuts act, republicans claim that it would hurt the economy to raise tax rates on the top 2% of income earners. speaker boehner reiterated that line last week, saying, "it will hurt small businesses. it will hurt the economy." well, that is vintage republican political theory but it's just not supported by the facts. in a recent report, the nonpartisan congressional budget office estimated that extending the middle-class tax cuts would boost our national g.d.p., our gross domestic product, by 1.25% next year. it said the economic effects of extending only the middle-class rates are similar to those of extending all of the rates. why? because upper-income taxpayers are less likely to spend their tax savings back into the economy. in other words, c.b.o. reports we would get virtually no economic bang for our federal buck by extending the upper-income tax cuts the republicans are fighting for. c.b.o.'s anal
on the u.s. economy. the weekly unemployment numbers came in as they do every thursday. the labor department reported 370,000 americans filed for first-time unemployment claims. either way, either way, folks, your taxes will go up despite the haggling going on on capitol hill. you will be paying more to the u.s. government. stuart varney joins me now. so, stuart, that's the bottom line. this is what people i think across the country are starting to realize no matter what they negotiate, 2013 will be different for most of us. >> this is the untold tax story. everybody has been concentrating on tax the rich, yes or no. but the payroll tax holiday goes away january 1. neither political party wants to keep it going, therefore the tax -- the social security tax for everybody who works goes up as of january 1. that will take $120 billion out of the economy. it is a tax increase of $120 billion. martha: the bush tax cuts and letting them go versus this increase. how does it all balance out? >> reporter: just consider this. you reported 370,000 people filed for first-time unemployment cla
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